On H4, with price recently breaking the ascending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.06047 at the pullback resistance in line with the 61.8% fibonacci projection and 61.8% fibonacci retracement to the 1st support at 1.03541 in line with the multiple horizontal swing lows. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.07814 at the horizontal swing high in line with the 50% fibonacci retracement and 100% Fibonacci projection.
Trading Recommendation
Entry: 1.06047
Reason for Entry:
Pullback resistance in line with the 61.8% fibonacci projection and 61.8% fibonacci retracementTake Profit: 1.03541
Reason for Take Profit:Multiple horizontal swing lowsStop Loss: 1.07814
Reason for Stop Loss:
Horizontal swing high in line with the 50% fibonacci retracement and 100% Fibonacci projection.
